Bailout puts the class war back in business with a vengeance; gamblers take advantage of speculating investment banks merged with commercial savings and deposits banks & the consequences of the defeat of the Glass-Steagall act.
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Bailout puts the class war back in business with a vengeance; gamblers take advantage of speculating investment banks merged with commercial savings and deposits banks & the consequences of the defeat of the Glass-Steagall act.         


Author: Immortalist
Date: Sep 17, 2008 13:52

http://www.democracynow.org/2008/9/17/us_seizes_control_of_aig_with
http://www.democracynow.org/2008/9/17
http://en.wikipedia.org/wiki/Glass-Steagall_Act

...NOMI PRINS: The bailout of AIG is an example of the government
having to step in and clean up a mess. It is not so much that subprime
mortgages fell and that caused some losses to AIG. AIG was acting not
simply as an insurance company; it was acting as a speculative
investment bank/hedge fund, as was Bear Stearns, as was Lehman
Brothers, as is what will become Bank of America/Merrill Lynch. So you
have a situation where it’s bailing out not just the money, but taking
on the risk of items it cannot even begin to understand, because if it
had understood them, this would never have gotten to the point to
which it has gotten.

AMY GOODMAN: How did it get to this point? How did it go beyond
insurance?
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Re: Bailout puts the class war back in business with a vengeance; gamblers take advantage of speculating investment banks merged with commercial savings and deposits banks & the consequences of the defeat of the Glass-Steagall act.         


Author: Crash
Date: Sep 17, 2008 13:58

>
> MICHAEL HUDSON: No, it’s the worst possible move, and it puts the
> class war back in business with a vengeance.

The class war is over... The other 1/2 of 1 percent won...
no comments
Re: Bailout puts the class war back in business with a vengeance; gamblers take advantage of speculating investment banks merged with commercial savings and deposits banks & the consequences of the defeat of the Glass-Steagall act.         


Author: Immortalist
Date: Sep 17, 2008 14:20

On Sep 17, 1:58 pm, Crash san.rr.com> wrote:
>> MICHAEL HUDSON: No, it’s the worst possible move, and it puts the
>> class war back in business with a vengeance.
>
> The class war is over... The other 1/2 of 1 percent won...

What did they win?
no comments
Re: Bailout puts the class war back in business with a vengeance; gamblers take advantage of speculating investment banks merged with commercial savings and deposits banks & the consequences of the defeat of the Glass-Steagall act.         


Author: Rod Speed
Date: Sep 17, 2008 15:31

Immortalist yahoo.com> wrote:
> http://www.democracynow.org/2008/9/17/us_seizes_control_of_aig_with
> http://www.democracynow.org/2008/9/17
> http://en.wikipedia.org/wiki/Glass-Steagall_Act
>
> ...NOMI PRINS: The bailout of AIG is an example of the government
> having to step in and clean up a mess. It is not so much that subprime
> mortgages fell and that caused some losses to AIG. AIG was acting not
> simply as an insurance company; it was acting as a speculative
> investment bank/hedge fund, as was Bear Stearns, as was Lehman
> Brothers, as is what will become Bank of America/Merrill Lynch. So you
> have a situation where it
no comments
Re: Bailout puts the class war back in business with a vengeance; gamblers take advantage of speculating investment banks merged with commercial savings and deposits banks & the consequences of the defeat of the Glass-Steagall act.         


Author: Fred Weiss
Date: Sep 17, 2008 18:16

On Sep 17, 4:52 pm, Immortalist yahoo.com> wrote:
> MICHAEL HUDSON: ...
>....And the question that Wall Street has,
> if you’re going to take a gamble on bad debts that can’t be paid, how
> are you going to come out a winner? And there’s only one way of coming
> out a winner, and that’s to make the government bail you out.

Umm...how have they come out a winner?

IndyMac stockholders were wiped out. Lehman Bros. stockholders were
wiped out. Fannie and Freddie stockholders were wiped out. BearStearns
and Countrywide stockholders got a pittance, the equivalent of 10cents
on a dollar. Roughly the same will likely now happen to Washington
Mutual and Wachovia in the coming days. The best parts of MerrillLynch
will be salvaged, but it will now be absorbed into Bank of America.
Show full article (1.41Kb)
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Re: Bailout puts the class war back in business with a vengeance; gamblers take advantage of speculating investment banks merged with commercial savings and deposits banks & the consequences of the defeat of the Glass-Steagall act.         


Author: Tim
Date: Sep 17, 2008 18:38

"Fred Weiss" papertig.com> wrote in message
news:7fcb413c-e7e9-4292-965d-b98918660119@l64g2000hse.googlegroups.com...
On Sep 17, 4:52 pm, Immortalist yahoo.com> wrote:
> MICHAEL HUDSON: ...
>....And the question that Wall Street has,
> if you’re going to take a gamble on bad debts that can’t be paid, how
> are you going to come out a winner? And there’s only one way of coming
> out a winner, and that’s to make the government bail you out.

Umm...how have they come out a winner?

IndyMac stockholders were wiped out. Lehman Bros. stockholders were
wiped out. Fannie and Freddie stockholders were wiped out. BearStearns
and Countrywide stockholders got a pittance, the equivalent of 10cents
on a dollar. Roughly the same will likely now happen to Washington
Mutual and Wachovia in the coming days. The best parts of MerrillLynch
will be salvaged, but it will now be absorbed into Bank of America.
Show full article (1.72Kb)
no comments
Re: Bailout puts the class war back in business with a vengeance; gamblers take advantage of speculating investment banks merged with commercial savings and deposits banks & the consequences of the defeat of the Glass-Steagall act.         


Author: royls
Date: Sep 17, 2008 20:42

On Wed, 17 Sep 2008 18:16:09 -0700 (PDT), Fred Weiss
papertig.com> wrote:
>So tell me how they came out winners.

The rich dumped their shares onto small investors and pension funds,
and the CEOs all took home billions for being such skilled managers of
risk.

-- Roy L
no comments
Re: Bailout puts the class war back in business with a vengeance; gamblers take advantage of speculating investment banks merged with commercial savings and deposits banks & the consequences of the defeat of the Glass-Steagall act.         


Author: Immortalist
Date: Sep 17, 2008 21:51

On Sep 17, 3:31 pm, "Rod Speed" gmail.com> wrote:
> Immortalist yahoo.com> wrote:
>
>> ...NOMI PRINS: The bailout of AIG is an example of the government
>> having to step in and clean up a mess. It is not so much that subprime
>> mortgages fell and that caused some losses to AIG. AIG was acting not
>> simply as an insurance company; it was acting as a speculative
>> investment bank/hedge fund, as was Bear Stearns, as was Lehman
>> Brothers, as is what will become Bank of America/Merrill Lynch. So you
>> have a situation where it’s bailing out not just the money, but taking
>> on the risk of items it cannot even begin to understand, because if it
>> had understood them, this would never have gotten to the point to
>> which it has gotten.
>
>> AMY GOODMAN: How did it get to this point? How did it go beyond
>> insurance?
> ...
Show full article (3.49Kb)
no comments
Re: Bailout puts the class war back in business with a vengeance; gamblers take advantage of speculating investment banks merged with commercial savings and deposits banks & the consequences of the defeat of the Glass-Steagall act.         


Author: Immortalist
Date: Sep 17, 2008 22:13

On Sep 17, 6:16 pm, Fred Weiss papertig.com> wrote:
> On Sep 17, 4:52 pm, Immortalist yahoo.com> wrote:
>
>>http://www.democracynow.org/2008/9/17/us_seizes_control_of_aig_withht...
>> MICHAEL HUDSON: ...
>>....And the question that Wall Street has,
>> if you’re going to take a gamble on bad debts that can’t be paid, how
>> are you going to come out a winner? And there’s only one way of coming
>> out a winner, and that’s to make the government bail you out.
>
> Umm...how have they come out a winner?
>
> IndyMac stockholders were wiped out. Lehman Bros. stockholders were
> wiped out. Fannie and Freddie stockholders were wiped out. BearStearns
> and Countrywide stockholders got a pittance, the equivalent of 10cents
> on a dollar. Roughly the same will likely now happen to Washington
> Mutual and Wachovia in the coming days. The best parts of MerrillLynch
> will be salvaged, but it will now be absorbed into Bank of America.
>
> At least one venerable money market fund just did the unthinkable and ...
Show full article (3.61Kb)
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Re: Bailout puts the class war back in business with a vengeance; gamblers take advantage of speculating investment banks merged with commercial savings and deposits banks & the consequences of the defeat of the Glass-Steagall act.         


Author: Immortalist
Date: Sep 17, 2008 22:19

On Sep 17, 10:13 pm, Immortalist yahoo.com> wrote:
> On Sep 17, 6:16 pm, Fred Weiss papertig.com> wrote:
>
>
>
>> On Sep 17, 4:52 pm, Immortalist yahoo.com> wrote:
>
>>>http://www.democracynow.org/2008/9/17/us_seizes_control_of_aig_withht...
>>> MICHAEL HUDSON: ...
>>>....And the question that Wall Street has,
>>> if you’re going to take a gamble on bad debts that can’t be paid, how
>>> are you going to come out a winner? And there’s only one way of coming
>>> out a winner, and that’s to make the government bail you out.
>
>> Umm...how have they come out a winner?
>
>> IndyMac stockholders were wiped out. Lehman Bros. stockholders were
>> wiped out. Fannie and Freddie stockholders were wiped out. BearStearns
>> and Countrywide stockholders got a pittance, the equivalent of 10cents
>> on a dollar. Roughly the same will likely now happen to Washington ...
Show full article (3.89Kb)
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